Bankruptcy

  • 6 Things You May Not Know You Can Do in Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy

    Most people know that you can discharge credit card and medical debt in bankruptcy.  But, there are other things you may be able to do in your bankruptcy.  Let’s look at 6 of those things. Modify student loans. The United States Bankruptcy Court in the Middle District of Florida is the first Bankruptcy Court in the U.S. to offer this program.  It was created to provide a forum for debtors and lenders to discuss consensual repayment of student loans.  The goal is to facilitate communication, exchange information in an efficient and transparent manner, and to encourage the parties to reach a feasible and beneficial agreement under the administrative oversight of the Bankruptcy Court. Reduce your car payment. If you owe more than your car is…

  • NEW: We can Modify your Student Loan

    ByGoodblatt • Leo Hours Categories Bankruptcy

    Goodblatt · Leo is proud to announce that it is now offering to modify student loans through the new Student Loan Modification program (“SLM”). What’s the new Student Loan Modification program? The United States Bankruptcy Court in the Middle District of Florida is the first Bankruptcy Court in the U.S. to offer this program.  It was created to provide a forum for debtors and lenders to discuss consensual repayment of student loans.  The goal is to facilitate communication, exchange information in an efficient and transparent manner, and to encourage the parties to reach a feasible and beneficial agreement under the administrative oversight of the Bankruptcy Court. Can anyone modify their student loans? To be eligible for the SLM program, you must have a pending bankruptcy…

  • Can the State Harass Me Over Child Support After a Chapter 13 Bankruptcy?

    ByGoodblatt • Leo Hours Categories Bankruptcy, Child Support, Family Law

    When you file for bankruptcy, the automatic stay goes into effect. This is a stop on all debt collection attempts from your creditors. It is meant to give you some “breathing room” as you work through the bankruptcy process. There are two notable exceptions to this stop: collection attempts for child support and collection attempts for alimony. If you are delinquent in your payment of either of these orders, the state is authorized to take actions to collect the money you owe. These actions can include wage garnishment and seizure of your tax return or lottery winnings.  It is Not Harassment; It is the State Ensuring your Children are Supported The reason why the automatic stay does not halt child support and alimony payments is…

  • Do I Still Have to Pay Alimony if I File for Bankruptcy?

    ByGoodblatt • Leo Hours Categories Alimony, Bankruptcy, Divorce

    If you have an alimony order, you are familiar with the financial pressure it can put on you each month, especially when you are also dealing with personal debt. Though it can be tempting to just ignore your alimony order or pay less than you are required to pay, do not give into this temptation. When you have an alimony order in place, you are legally required to make your payments. Filing for bankruptcy will not terminate your alimony order. Understanding What the Automatic Stay Stops and Does Not Stop When you file for bankruptcy, the automatic stay goes into effect. This is an automatic order that stops all creditors’ collection attempts, basically pausing your responsibility to repay your debts. However, it does not stop…

  • How will Bankruptcy Affect my Credit Report?

    ByGoodblatt • Leo Hours Categories Bankruptcy

    Here is the short answer: your bankruptcy case will remain on your credit report for several years and it will reduce your credit score initially, but it will improve. There is no way around these facts; they are simply part of the bankruptcy process and something you agree to when you file for bankruptcy. The chapter you file plays a role in how the bankruptcy affects your credit report, as well as the actions you take after you file for bankruptcy. Even if you do not file for bankruptcy, debts for which you are responsible, can impact your credit score. These include accounts named in bankruptcy cases that name you as a beneficiary, tax liens, judgments, and third party debts in your name.  Ways Chapter…

  • How Does a Divorce Settlement Affect a Chapter 13 Bankruptcy?

    ByGoodblatt • Leo Hours Categories Bankruptcy, Divorce

    There are many ways your divorce settlement can affect your Chapter 13 bankruptcy and vice versa.  Completing Chapter 13 bankruptcy is a lengthy process, typically taking three to five years to complete. During this time, many aspects of your life may change, including a possibility of divorce. If you are working through Chapter 13 and considering divorce, or if you are going through a divorce proceeding and are considering filing for bankruptcy, talk to your bankruptcy lawyer about the specific ways you can expect the divorce to affect your bankruptcy. Below are a few general ways bankruptcy intersects with divorce when one spouse files for Chapter 13 bankruptcy on his or her own. The Divorce Court Cannot Divide Assets in the Bankruptcy Estate When you…

  • The Trap of Debt Consolidation

    ByGoodblatt • Leo Hours Categories Bankruptcy, Debt Relief

    For any consumers in the Orlando area who are struggling with debt, it can be difficult to know where to turn. You may be seeing commercials and advertisements for debt consolidation, which often come with promises to help you get your finances back on track while avoiding bankruptcy. While consolidating debt may be able to help some consumers, debt consolidation is rarely the answer for many Floridians who are hoping to find a solution to significant financial problems. To be sure, debt consolidation is often a trap for many consumers in need who learn the hard way that debt consolidators take money from consumers without ultimately helping those consumers to gain control of their finances. In the end, many consumers who attempt to use debt…

  • Bankruptcy Experts Push for End to Debt Limits in Chapter 13 Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy, Chapter 13

    Debt can quickly spiral out of control due to unforeseen or unpreventable events that require spending large amounts of money and/or suffering a substantial loss of income. When debt becomes this overwhelming, many people turn to bankruptcy for relief. Living with the burden of unmanageable debt is an oppressive situation that rarely gives the debtor a real opportunity to regain financial health. Bankruptcy is intended to give debtors this chance, but there are rules that must be followed before the bankruptcy process is accessible. Chapter 13 bankruptcy is a popular option for debt relief among individuals with regular income wanting to keep certain property, or when a Chapter 7 discharge is not available. Qualifying for Chapter 13 is usually less restrictive compared to Chapter 7…

  • Dispelling Myths about Filing for Bankruptcy

    ByGoodblatt • Leo Hours Categories Bankruptcy

    Filing for bankruptcy is a big step toward regaining control of one’s finances, but for many people contemplating this decision, negative myths can delay taking action. Life is full of unanticipated and uncontrollable events that can derail a person’s financial security – major illness, serious accidents and long-term unemployment – to name just a few, and bankruptcy exists to help these individuals get out of this untenable situation and start over with a clean slate. Bankruptcy offers those overwhelmed with financial concerns the ability to find peace of mind again by allowing them the ability to have a fresh, debt-free start. However, before initiating the bankruptcy process it is important to dispel some myths about the process and repercussions so debtors have a better sense…

  • How will I Know when Bankruptcy is the Right Choice for Me?

    ByGoodblatt • Leo Hours Categories Bankruptcy

    It is not easy to accept that you are facing such a large amount of debt that bankruptcy is your only option. But if you have exhausted all other options and you cannot realistically repay the debt on your own, this is a truth you need to accept. Speaking with an accredited financial counselor or a bankruptcy lawyer can help you make this determination and explore options you might not have realized you had. If you are facing one or more of the following struggles in your life, it could be time for you to file for bankruptcy. When your Debt Grows Each Month Despite No New Charges Debt compounds the longer it goes unpaid. Currently, the average annual percentage rate (APR) for credit cards…